News

Holdings in Company
29 May 2007

Global Oceanic Carriers Limited (AIM:GOC), the Greek-based drybulk shipping company, today announces that it has been informed that on Friday, 25 May 2007, Trafalgar Funds and Argo Global Special Situations Fund sold their entire portfolio, of 18,612,931 shares and 6,646,435 shares respectively, at £1.18 per share to Solstice International Investments Inc (Solstice).

International Trading Inc, a company of which Michael Tartsinis (the CEO of the Company) is director, also transferred 761,449 shares to Solstice and a further 5,737,477 to Tildough Holdings Inc (Tildough) at 0.74 pence per share plus a contingent right to equity in Solstice/Tildough.  This was International Trading Inc's entire shareholding in the Company and represented all the shares that Michael Tartsinis was directly or indirectly interested in.

Michael Tartsinis and Antonis Nikolaou (another executive director of the Company) are both associated with Solstice and Tildough and will be appointed directors of both companies in due course.

As a result of the transactions Solstice International Investments Inc. holds 26,020,815 ordinary shares in GOC representing 65% of the issued share capital of the Company. 
Tildough Holdings holds 5,737,477 in GOC representing 14.3% of the issued share capital of the Company.

Commenting on the transaction Michael Tartsinis, Chief Executive Officer at Global Oceanic Carriers said "I would like to thank Trafalgar and Argo Funds for their commitment to GOC. The new structure is committed to the company and aims to keep on track with company's business plan for fleet expansion through timely and selective acquisitions".

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Notes to Editors

Global Oceanic Carriers Limited is a shipping company comprising of ship ownership, management and chartering. The Company is based in Athens, Greece and incorporated in Jersey. The Company has acquired five vessels and will use the extensive shipping experience of the management and the dynamic market conditions to build a fleet for long term charter revenue.

The Company's fleet comprises of two Panamax, two Handysize bulk carriers and one Capesize with an aggregate carrying capacity of 367,774 Dwt. Drybulk ships carry cargo that is shipped in large volumes and can be easily stowed in a single hold including iron ore, coal and grain.

GO Carriers was formed and listed on the AiM market in 2005 its stock code is GOC.L